President Trump has expressed positive messages about cryptocurrency-related legislation on social media, but there is analysis suggesting that the likelihood of actual legislative progress is low. TD Cowen pointed out that such gestures alone are insufficient to break the current deadlock.

The biggest issue is the conflict of interest regarding stablecoin yields, and despite multiple private negotiations by the White House, they have not been able to narrow the gap between banks and the cryptocurrency industry. To overcome the current situation, the president would need to step in directly to mediate between the two sides, but due to international geopolitical issues, this may be deprioritized.

TD Cowen believes that for real progress, carefully selected conditions must be met. Even if the stablecoin issue is resolved, at least 10 Democratic Senators' support will be necessary. Given the current trend, the practical deadline for processing the CLARITY bill is expected to be before the August recess, but whether a consensus satisfying all stakeholders can be reached within that time remains uncertain.